“For the money laundering charge, we are verifying the amount of money with commercial banks only in the accounts of the siblings and their family and relatives. The money needs to be frozen and brought back to the victims.”

The CSD said a total of 51 bank accounts have been frozen and several plots of land believed to have been acquired with the stolen money were also seized.

Investigators say that enquiries have been complicated by the use of cryptocurrency, which allows funds to be tracked through the blockchain but is semi-anonymous by design.

“We had to carefully examine documents and trace the money trail,” Mr Chakrit said. “It took us almost seven months to get approval for the arrest warrants.”

It is not the first time local celebrities have been caught up in cryptocurrency scams, with several Bollywood actors in India implicated in a $300 million scheme earlier this year.

About

DISCLAIMER

Recommendations and Information found on Okaykrypto are those of writers quoted. It does not represent the opinions of Okaykrypto on whether to buy, sell or hold any investments. Investors should be cautious about any recommendations given. All investors are advised to conduct their own independent research into individual coins before making a purchase decision. Use information at your own risk.